<SEC-DOCUMENT>0001104659-23-121242.txt : 20231127
<SEC-HEADER>0001104659-23-121242.hdr.sgml : 20231127
<ACCEPTANCE-DATETIME>20231127161508
ACCESSION NUMBER:		0001104659-23-121242
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20231122
FILED AS OF DATE:		20231127
DATE AS OF CHANGE:		20231127

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Gulf Hungary Holding Korlatolt Felelossegu Tarsasag
		CENTRAL INDEX KEY:			0001783455
		STATE OF INCORPORATION:			K5
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12019
		FILM NUMBER:		231440412

	BUSINESS ADDRESS:	
		STREET 1:		FURJ UTCA 2
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			1124
		BUSINESS PHONE:		36-1-6464628

	MAIL ADDRESS:	
		STREET 1:		FURJ UTCA 2
		CITY:			BUDAPEST
		STATE:			K5
		ZIP:			1124

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QUAKER CHEMICAL CORP
		CENTRAL INDEX KEY:			0000081362
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS PRODUCTS OF PETROLEUM &  COAL [2990]
		IRS NUMBER:				230993790
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR STREET
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		6108324000

	MAIL ADDRESS:	
		STREET 1:		ONE QUAKER PARK
		STREET 2:		901 HECTOR ST
		CITY:			CONSHOHOCKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>tm2331547-2_4seq1.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0508</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2023-11-22</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0000081362</issuerCik>
        <issuerName>QUAKER CHEMICAL CORP</issuerName>
        <issuerTradingSymbol>KWR</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001783455</rptOwnerCik>
            <rptOwnerName>Gulf Hungary Holding Korlatolt Felelossegu Tarsasag</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>BAH CENTER, 2 FURJ STREET</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>BUDAPEST</rptOwnerCity>
            <rptOwnerState>K5</rptOwnerState>
            <rptOwnerZipCode>1124</rptOwnerZipCode>
            <rptOwnerStateDescription>HUNGARY</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>0</aff10b5One>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Variable Prepaid Forward Sale Contract</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2023-11-22</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>J</transactionCode>
                <equitySwapInvolved>1</equitySwapInvolved>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </transactionCoding>
            <transactionTimeliness></transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>350000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>350000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>350000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By QH Hungary Holdings Limited</value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">On November 22, 2023, QH Hungary Holdings Limited, a wholly owned subsidiary of the reporting person (&quot;QH Hungary&quot;), amended an existing and previously reported variable prepaid forward sale contract (&quot;VPF&quot;) with Citibank, N.A. (&quot;Citibank&quot;). See Footnotes 2 and 3 and Remarks for details of the amended transaction.</footnote>
        <footnote id="F2">The amended VPF with Citibank originally entered into on March 9, 2021, as amended and restated on November 24, 2021 and as further amended and restated on November 22, 2023 covering a maximum aggregate amount of 350,000 shares (&quot;Citi VPF No. 1&quot;) is divided into 50 components (each a &quot;Component&quot;).</footnote>
        <footnote id="F3">For each Component, QH Hungary is obligated to deliver, on the settlement date (the &quot;Settlement Date&quot;) determined based on the specified scheduled valuation date within the periods from May 27, 2025 to August 7, 2025 either, at QH Hungary's option, (i) up to 7,000 Shares to Citibank (such Share number, &quot;Subject Number&quot;) based on the average market price of the Shares determined as described below in Remarks or (ii) an amount of cash equivalent to the value of such Shares. In exchange for amending Citi VPF No. 1, QH Hungary paid $6,296,838 to Citibank.</footnote>
    </footnotes>

    <remarks>The number of Shares (or, at QH Hungary's option, the cash equivalent) to be delivered to Citibank on each Settlement Date is to be determined as follows: (a) if the volume-weighted average price per Share on the relevant valuation date, as reasonably determined by Citibank by reference to the Bloomberg Page &quot;KWR &lt;equity&gt; AQR &lt;Go&gt;&quot; (or any successor page thereto) (provided that, if such price is not so reported for any reason or is, in Citibank's reasonable discretion, erroneous, a price determined by Citibank in good faith and a commercially reasonable manner) (the &quot;Settlement Price&quot;) is equal to or less than $177.9634 per Share (the &quot;Forward Floor Price&quot;), QH Hungary will deliver to Citibank the Subject Number of Shares; (b) if the Settlement Price is between the Forward Floor Price and $195.7597 per Share (the &quot;Forward Cap Price&quot;), QH Hungary will deliver to Citibank a number of Shares equal to the Subject Number multiplied by a fraction, the numerator of which is the Forward Floor Price and the denominator of which is the Settlement Price; and (c) if the Settlement Price is greater than the Forward Cap Price, QH Hungary will deliver to Citibank a number of Shares equal to the product of (i) the Subject Number and (ii) a fraction (A) the numerator of which is the sum of (x) the Forward Floor Price and (y) the Settlement Price minus the Forward Cap Price, and (B) the denominator of which is the Settlement Price.</remarks>

    <ownerSignature>
        <signatureName>/s/ Judit Rozsa, Managing Director, on behalf of the Reporting Person</signatureName>
        <signatureDate>2023-11-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
